BC-Business News Preview
Among the stories Tuesday from The Associated Press:
BRUSSELS — Greece's creditors in the 19-country eurozone approve a list of reforms Athens proposed to get a 4-month extension to its bailout, which would keep the country afloat. An encouraging initial reaction from the so-called institutions — the European Commission, European Central Bank and International Monetary Fund — was backed by the eurozone. It now goes to some member nations for approval. By Lorne Cook and Raf Casert. SENT: 6000 words, photos. UPCOMING: Developing, will be updated.
STAVANGER, Norway — Losing his job on a Norwegian oil rig meant more to Kristoffer Sandberg than saying goodbye to a high salary. It has caused a shift down in lifestyle and expectations, something an increasing number of people in this small oil-rich country are facing. By Mark Lewis. SENT: 710 words, photos.
MARKETS & ECONOMY:
WASHINGTON — Federal Reserve Chair Janet Yellen says the Federal Reserve remains patient in deciding when to start raising interest rates because too many Americans remain unemployed, wage growth remains sluggish and inflation is running below the Fed's target. In her semiannual economic report to Congress, Yellen told lawmakers that the Fed's continuing use of the word "patient" means a rate hike is unlikely for at least the next two meetings. By Martin Crutsinger. SENT: 550 words, photo. UPCOMING: Will be updated.
WASHINGTON — U.S. home price increases level off in December, reflecting a weak sales environment and a small number of homes for sale. By Christopher S. Rugaber. SENT: 500 words, photo.
WASHINGTON — U.S. consumer confidence falls this month after a big gain in January but remains higher than it was before the Great Recession. By Paul Wiseman. SENT: 360 words, photo.
NEW YORK — U.S. stock indexes are drifting between small gains and losses in early trading as investors continue to watch for news from Greece and the Federal Reserve. By Alex Veiga. SENT: 500 words, photo. UPCOMING: 700 words, photo.
WASHINGTON — U.S. banks' earnings drop 7.3 percent in the fourth quarter from a year earlier as a few big banks incur increased costs to settle legal cases and the industry has declines in income from the mortgage business. The data shows a reversal of the trend of rising earnings as the industry has recovered from the financial crisis. By Marcy Gordon. SENT: 130 words. UPCOMING: Will be updated.
ATLANTA — Shoppers liked what they saw at Home Depot during the holidays, helping the home improvement chain beat Wall Street expectations for its fourth-quarter results. The retailer also authorized the repurchase of $18 billion of its own shares, boosted its quarterly dividend by 26 percent and released a better-than-expected outlook for the year. By Michelle Chapman. SENT: 730 words, photo.
NEW YORK — Comcast Corp.'s fourth-quarter net income edges up less than 1 percent as the company adds more customers for its cable TV, high-speed Internet and phone services. By Mae Anderson. SENT: 420 words, photo.
— EARNS-MACY'S — Macy's delivers a disappointing full-year profit outlook as the department store chain reports sluggish sales for the holiday quarter. SENT: 400 words, photo.
BLOOMINGTON, Minn. — The Mall of America has provided a rare glimpse into security for the nation's busiest shopping center after an online video purportedly produced by a terrorist group urged extremists to attack shopping malls in Western countries. SENT: 130 words, photos, video. UPCOMING: Will be expanded.
MERCK-HIV DRUG LICENSE
TRENTON, N.J. — Drugmaker Merck & Co. grants a free license allowing one of its HIV medicines to be made and sold inexpensively for use in young children in poor countries hard hit by the AIDS virus. By Linda A. Johnson. SENT: 450 words, photo.
WASHINGTON — House Speaker John Boehner (BAY'-nur) says Congress is sending President Barack Obama legislation to build the Keystone XL pipeline. The White House is indicating Obama will quickly veto it in private over Republican lawmakers' urging that he sign it.
— CADILLAC RECALL — General Motors is recalling about 67,000 Cadillac ATS compact sports sedans to fix a problem with the power sunroof controls. SENT: 130 words.
— IRAQ-AIRLINES — The Mideast's biggest airline says it plans to resume flights to Baghdad after halting them last month after an incoming passenger plane came under fire. SENT: 200 words.
TECHNOLOGY & MEDIA:
SILICON VALLEY-SEXUAL DISCRIMINATION
SAN FRANCISCO — A high-profile sex bias case captivating Silicon Valley has sparked debate over the treatment of women in the high technology and venture capitalist arenas. Ellen Pao, 45, has accused venture capital firm Kleiner, Perkins, Caulfield & Byers of firing her after she complained of discrimination. Opening statements are expected to start Tuesday. By Paul Elias. SENT: 730 words, photo. UPCOMING: Will be updated after opening statements begin at 12:15 p.m.
— CELLPHONE TRACKING — The 11th U.S. Circuit Court of Appeals hears arguments in a Florida case over whether investigators need a search warrant to get cellphone tracking data widely used as evidence to show suspects were in the vicinity of a crime. UPCOMING: 600 words by 5 p.m.
— EUROPE-NEW NOTE — The European Central Bank unveils a new version of the commonly used 20-euro note with added anti-counterfeiting features. SENT: 130 words.
— SPAIN-ECONOMY — Prime Minister Mariano Rajoy says Spain's economy will grow by a better-than-expected 2.4 percent in 2015, claiming it as strong evidence that the country has emerged from the severe economic crisis. SENT: 330 words, photo.
— GERMANY-ECONOMY — Millions of German industrial workers are set to get a 3.4 percent pay increase this year following a deal between employers and a major union. SENT: 150 words.
— ALGERIA-SHALE GAS PROTESTS — Hundreds of Algerian police officers seal off avenues in the capital to prevent an opposition demonstration against plans to drill for shale gas in the south of the country. SENT: 310 words, photos.